Pay out reaches more than $712M in revenue from inception-to-date
Scottsdale, Ariz. — March 20, 2024 — CNA National Warranty Corporation (CNAN) returned more than $28 million to automobile dealers across the U.S. through its participation programs for 2023. The organization’s inception-to-date total stands at more than $712 million.
“Whether it’s our participation programs, claims handling or service contracts, our goal is to reliably deliver value through personalized solutions,” said Joe Becker, president and CEO of CNAN. “Our in-house expertise and depth of external resources give us the ability to consistently help dealers generate more income.”
CNAN professionals work closely with dealers to understand their needs and guide them to the participation structure that best meets their financial goals. The reinsurance team is comprised of experts in the field who help dealers think through the tough questions, explain all the details of the programs and serve as a resource throughout the sign-up process and beyond.
Reinsurance offerings include CFC (controlled foreign corporation) and NCFC (non-controlled foreign corporation) structures, a retro program and a DOWC (dealer owned warranty company). Palo Verde Holdings, the NCFC established in 1999, is managed by a board of directors composed of dealer shareholders and has accrued more than $390 million in assets.
“Our dedicated dealer management team evaluates claims, product mix and other factors to help dealers maximize their profits,” said Casey Lytle, associate vice president of reinsurance and sales programs. “We offer support and service that is a step above the competition. Other providers have been known to advocate for structures that are best for them, not what’s best for the dealer. We take the opposite approach and ensure our dealers are taking advantage of the program that is most favorable for their unique needs. This practice sets us apart in the industry.”
About CNA National Warranty Corporation
Founded in 1982 and headquartered in Scottsdale, Arizona, CNA National (CNAN) is recognized as a leader in the vehicle service contract industry. The company offers a choice of reinsurance structures (both CFC and NCFC) as well as GAP coverage and ancillary products, including tire-and-wheel protection. CNAN was named the #1 provider for 18 years in the Dealers’ Choice Awards. In addition, CNAN was the first and one of only two service contract companies recognized for “Highest Overall Dealer Satisfaction” by J.D. Power and Associates.* CNAN’s service contract program has had the exclusive endorsement of the American International Automobile Dealers Association (AIADA) since 1995. It is a wholly owned subsidiary of CNA Financial, one of the nation’s oldest and largest commercial insurers with more than $60 billion in assets. Learn more at CNANational.com.
